Exporting

All the tools and resources you need to export your goods across the world

Spain's powerful world empire of the 16th and 17th centuries ultimately yielded command of the seas to England. Subsequent failure to embrace the mercantile and industrial revolutions caused the country to fall behind Britain, France, and Germany in economic and political power. Spain remained neutral in World War I and II but suffered through a devastating civil war (1936-39). A peaceful transition to democracy following the death of dictator Francisco FRANCO in 1975, and rapid economic modernization (Spain joined the EU in 1986) gave Spain a dynamic and rapidly growing economy and made it a global champion of freedom and human rights. More recently Spain has emerged from a severe economic recession that began in mid-2008, posting three straight years of GDP growth above the EU average. Unemployment has fallen, but remains high especially among youth. Spain is the Eurozone’s fourth largest economy.

Location

Southwestern Europe, bordering the Mediterranean Sea, North Atlantic Ocean, Bay of Biscay, and Pyrenees Mountains; southwest of France

Natural Resources

coal, lignite, iron ore, copper, lead, zinc, uranium, tungsten, mercury, pyrites, magnesite, fluorspar, gypsum, sepiolite, kaolin, potash, hydropower, arable land

Population - distribution

with the notable exception of Madrid, Sevilla, and Zaragoza, the largest urban agglomerations are found along the Mediterranean and Atlantic coasts; numerous smaller cities are spread throughout the interior reflecting Spain's agrarian heritage; dense settlement is found around the capital of Madrid, as well as the port city of Barcelona

46505963
Castilian Spanish (official nationwide) 74%, Catalan (official in Catalonia, the Balearic Islands, and the Valencian Community (where it is known as Valencian)) 17%, Galician (official in Galicia) 7%, Basque (official in the Basque Country and in the Basque-speaking area of Navarre) 2%, Aranese (official in the northwest corner of Catalonia (Vall d'Aran) along with Catalan; <5,000 speakers)
MADRID (capital) 6.199 million; Barcelona 5.258 million; Valencia 810,000 (2015)
Conventional long form
Kingdom of Spain
Conventional short form
Spain
Local long form
Reino de Espana
Local short form
Espana
parliamentary constitutional monarchy
Name
Madrid
Geographic coordinates
40 24 N, 3 41 W
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2016 Spain marked the third full year of positive economic growth in nine years, largely due to increased private consumption. At the onset of the financial crisis, Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In that year, the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program for its financial sector.
Inflation
-0.203%
Total tax rate (% of commercial profits)
49.0%
Real Interest Rate
3.88%
Manufacturing, value added (% of GDP)
14.141%
Current Account Balance
US$ 24,076,499,746
Labor Force, Total
23,032,705
Employment in Agriculture
4.22%
Employment in Industry
19.61%
Employment in Services
76.17%
Unemployment Rate
19.45%
Imports of goods and services
US$ 371,565,207,606
Exports of goods and services
US$ 407,420,009,038
Total Merchandise Trade
48.43%
FDI, net inflows
US$ 31,072,022,164
Commercial Service Exports
US$ 127,123,298,610
grain, vegetables, olives, wine grapes, sugar beets, citrus; beef, pork, poultry, dairy products; fish
textiles and apparel (including footwear), food and beverages, metals and metal manufactures, chemicals, shipbuilding, automobiles, machine tools, tourism, clay and refractory products, footwear, pharmaceuticals, medical equipment
Commodities
machinery, motor vehicles; foodstuffs, pharmaceuticals, medicines, other consumer goods
Partners
France 15.7%, Germany 11%, Italy 7.4%, UK 7.4%, Portugal 7.1%, US 4.5% (2015)
Commodities
machinery and equipment, fuels, chemicals, semi-finished goods, foodstuffs, consumer goods, measuring and medical control instruments
Partners
Germany 14.4%, France 11.7%, China 7.1%, Italy 6.5%, Netherlands 5%, UK 4.9% (2015)
Country Risk Rating
A2
The political and economic situation is good. A basically stable and efficient business environment nonetheless leaves room for improvement. Corporate default probability is low on average.
Business Climate Rating
A1
The business environment is very good. Corporate financial information is available and reliable. Debt collection is efficient. Institutional quality is very good. Intercompany transactions run smoothly in environments rated A1.
  • Reform efforts (labor market, banking sector, insolvency, etc.)
  • Improved competitiveness and strengthened export sectors
  • Improved financial situation of businesses
  • High-quality infrastructure
  • Significant tourism potential
  • Still high level of private and public debts, very negative net external position
  • Duality of labor market, high level of structural unemployment
  • Large number of relatively unproductive small companies
  • Unity of the country threatened by separatist movements

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